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Used car prices are also down 23% from their peak in 2022.
In this article, we will explore some of the major reasons whycar prices will plummet this fall.
When production resumed, shipping lanes became clogged, causing further delays.
There were so few cars available during 2021 and 2022 that prices skyrocketed.
These issues have now mostly been resolved, which means supply and demand have mostly returned to normal.
This should mean car prices will decrease as we wrap up the year.
High inventory means more than enough cars for prospective buyers to keep prices low.
This should continue into the fall, meaning you will have more power to negotiate prices.
Interest Rates Are High
Interest rates are high right now, and that includes car loans.
According toiSeeCars, prices on some used EV models are about 42% lower than a year ago.
More competition between cars often means lower prices all around.
Used Car Prices Are Down
Prices for used cars are down 23% from their 2022 peak.
This is mostly due to the normalization of production and shipping.
And while some people might not know it, theused car marketcan also significantly affect new car prices.
The normalization in the used market puts further pressure on prices, offering customers better deals.
Unfortunately, prices fornew and used carsare still higher than they were before the pandemic.
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